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Decades and decades of people touting the supposed evils of fiat money, and I've yet to hear a single convincing, pragmatic argument for why it is worse than an
by p-e-w 3y ago
Decades and decades of people touting the supposed evils of fiat money, and I've yet to hear a single convincing, pragmatic argument for why it is worse than any of the alternatives.
We've had the gold standard in the past. During that time, the economy went up and down, just like in the era of fiat. The same is true for countries that backed their currency with foreign reserves. So why is "backing the dollar" such a worthy goal in the eyes of so many people? What real-world problem would that solve?
- ArtTimeInvestor 3y agoIf you go and paint somebodys house, how many house paintings does society owe you afterwards? In the Fiat system, you cannot preserve your "house paintings". When you paint an old mans house when you are young, you can't get your house painted when you are old by cashing in your savings from that house painting in your youth. In a system with a stable currency, you can. As Warren Buffet once said, a dollar from his youth isn't worth a penny today.
- lowkey 3y agoI have yet to hear a single convincing pragmatic argument why fiat currency debasement isn’t theft be counterfeit. Looking at the purchasing power of any fiat currency in history, they all, without exception tend to zero over time. A wage earner who works for 40 years in exchange for a fiat currency with 2% annual inflation loses almost 50% of their purchasing power over that time. This is before accounting for taxes. How is that not theft?